The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1887-02-17
Millions Of Idle Capital.

An agricultural monthly, the No1fA
Carolina Farmer, Raleigh, has in It's
latest issue an elaborate editorial on
savings banks. The writer asserts
that, as a result of several years in
vestigation, he is within bounds IN
saying that fully $1,000, 900 are lying
idle in the State, principally in sums
not exceeding $50. He therefore
unites with the recent farmers con-
vention in requesting the legislature
now in session to enter a we'll guarded
law under which the citizens anywhere
in North Carolina may establish say
ings institutions. To show the ad-
vantages all concerned would derive
from such banks, the writer quotes
from a recent report of ConneCtlcut's
bank commissioners. Savings banks
were first organized in that State in
1896. There are now S. such insti-
tutions having charge of S97,424,82o,
belonging to their depositors, nearly
all OF whom are working people, or
| widows, orphans and minors. The
most numerous depostors, as a class,
are Irish servant girls earning average
wages Of So week. The money thus
collected in driblets from more than
40 per cent. Of the population of Con-
necticus furnishes an immese capital,
which is loaned out on real estate and
other frst-class securities mot includ-
ling personally, and is employed in i'm
proving farms, in building stores,
warehouses, factories and residences,
and SO helps forward that regular
advance in wealth that is disclosed
by every census. Men erecting build
ings, or clearing lands and bringing
them into good agricultural condition,
or buying wagons, agricultural ma
chimes or improved stock, or engaging
in any other enterprise that requires
time to realize on the investment, can
not afford to borrow money for short
periods and pay high interest. Such
a course almost inevitably leads to
ruin. Banks Of discount and ex-
change cannot afford to loan money
on long time. They must meet the
daily demands of their patrons, and
keep their money turning over ard
over all the time. National bank:
are prohibited by law from making
loans on real estate security.
The savings bank fills the gap a:
nothing else could. 1t does not wan
it's money at all, provided the security
is good and the interest is paiC
promptly. Ninety per cent. of th'
money it has to lend would be bidder
away in small sums-like the talent il
; the napkin-doing no one any good
!, 1t would be like the misers' hoard
= absolutely useless, and always il
= danger of destruction. Put into
: savings bank, it becomes part of
great whole, blessing to the com
:, munity, and steadily increasing cap
. tai for its owner.
Il The farmers ofNorth Carolina di
Y wisely in asking the legislature
y provide for the establishment of say
=, ings institutions, and it is to be hope
II that their wishes will be respected
- Other Southern States would find
~ profitable to do likewise. The pret
:, savings ofchildren, and of wage-earl
= ers of pursuits in any Southern Stat
!" !, would in three months amount to
~ surprisingly large sum. If one-half
~ all that is daily spent for unnecessal
trines in the cities and large towns
re- any Southern State were saved and P
= at interest, the total would wipe O
y the principal and interest of all
he State and county debts inside of t
= years. s.It is not what one max
"A but what one saves that counts"